Okan Tower Tops 40 Floors, Locks in $200 Million Green Financing as Downtown Miami's Future Second-Tallest Building Takes Shape
Downtown Miami's skyline is getting a major new addition as Okan Tower has now risen past the 40th floor at 555 North Miami Avenue—marking the halfway point for what will become Florida's second-tallest building when completed in 2028.
The 72-story mixed-use tower reached another milestone this week with the closing of $200 million in C-PACE financing from Bayview PACE. The green financing package—which supports energy efficiency, water conservation, and storm resiliency features built into the tower—completes the project's funding structure.
"This level of lender commitment—particularly in today's disciplined capital environment—confirms confidence in the capital stack and the long-term fundamentals," said Michael Sadov, Sales Director at Okan Tower. "For buyers, this reinforces that the time to invest in Downtown Miami is now."
What's Going Inside the 903-Foot Tower
Developed by Okan Group and designed by Miami-based Behar Font & Partners, the building will stack multiple uses vertically:
• 163 luxury condominiums (branded as Sky Residences) on upper floors
• 236 condo-hotel units managed by Hilton
• 316-room five-star Hilton hotel
• 56,000 square feet of office space on lower levels
• 429-space parking garage
Sky Residences buyers will have access to a rooftop pool with cabanas, 24-hour concierge, wine cellar, owners lounge, and full spa facilities. Fortune International Group is handling sales for both the residences and condo-hotel units.
About the Developer
Okan Group, founded in 1972, operates globally across healthcare, finance, tourism, energy, education, and real estate. The company's construction subsidiary is serving as general contractor on the project.
The C-PACE financing—a mechanism that allows property owners to fund sustainability improvements through property tax assessments—reflects growing lender appetite for green building projects in South Florida's competitive development market.